LG Energy Solution to invest $5.5 billion to build battery manufacturing complex in Arizona
March 28, 2023
One plant will produce cylindrical batteries for electric vehicles, while the other plant will produce lithium iron phosphate (LFP) pouch-type batteries for energy storage systems.
LG Energy Solution plans to build two battery manufacturing facilities in Queen Creek, Arizona. One plant will produce cylindrical batteries for electric vehicles, while the other plant will produce lithium iron phosphate (LFP) pouch-type batteries for energy storage systems. The company will invest $3.2 billion into the cylindrical battery facility, which will be operational in 2025 with a capacity of 27GWh, and will invest $2.3 billion into the LFP pouch-type battery facility, which will be operational in 2026 with a capacity of 16GWh.
In a recent quote, Youngsoo Kwon, CEO of LG Energy Solution, said, "Our decision to invest in Arizona demonstrates our strategic initiative to continue expanding our global production network, which is already the largest in the world, to further advance our innovative and top-quality products in scale and with speed. We believe it's the right move at the right time in order to empower clean energy transition in the U.S."
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